GlobeSt.com UPDATE: Kislak Obtains $45M to Fund Two Properties

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MIAMI LAKES, FL-Locally based J.I. Kislak Inc. obtained two loans aggregating $44.5 million from different lenders for its multifamily properties in Coral Springs and Tucson.

HSBC provided a one-year, adjustable, fixed-rate loan of nearly $22.3 million for Kislak’s acquisition and conversion of Citation Way, a 272-unit rental complex at 9845 Westview Dr. in Coral Springs, to for-sale condominiums. It acquired the 18-acre property for just under $27.8 million and is selling units at prices ranging from the mid-$100,000s to the high $200,000s.

Wachovia Multifamily Capital Inc. provided a 10-year, fixed-rate loan at just under 5.1% for Mission Palms Apartments, a 360-unit rental property Kislak owns at 951 W. Orange Grove Rd. in Tucson. This 80% loan-to-value interest-only loan represents the refinancing of an existing senior loan on the property.

Both loans were arranged by Robert Kaplan, senior managing director, and Mark Rutherford, senior analyst in the Miami office of Holliday Fenoglio Fowler. The two transactions bring the number of financings arranged for Kislak by Kaplan and Rutherford to 12 over the past seven years, according to Kaplan. “We are also currently arranging construction financing for the company’s new lakefront condominium project in Sunrise,” he says.